To reconcile a bank account in Tally Prime, you will need to follow these steps:
- Open Tally Prime and go to the “Accounting” menu.
- Under the “Banking” option, select “Reconciliation of Bank Accounts”.
- Select the bank account that you want to reconcile from the list of accounts displayed.
- In the reconciliation screen, enter the ending balance and the ending date for the reconciliation period.
- Tally Prime will automatically fetch and display all the transactions for the selected account during the reconciliation period.
- Verify the transactions and make any necessary adjustments. For example, if there are any uncleared cheques or outstanding deposits, you can enter them in the appropriate fields.
- Once you have reconciled all the transactions, click on the “Accept” button to save the reconciliation.
After you have completed the reconciliation, Tally Prime will automatically update the bank account’s balance to reflect the reconciled amount. This will help you to maintain accurate records of your bank account and ensure that your financial statements are up to date.